Will EV Owners Switch Back to the I.C.E. Age?
A McKinsey & Co. survey found that over 40% of U.S. electric vehicle (EV) owners plan to switch back to combustion engine vehicles due to concerns about charging, high ownership costs, and the complexity of long-distance travel. This trend challenges the push for EV adoption amid slowing sales growth. Globally, 29% of EV owners share this sentiment. Contrary to this, S&P Global Mobility and J.D. Power data show strong loyalty among current EV owners, with most opting for another EV when purchasing a new vehicle.
Charging infrastructure issues, especially the inability to charge at home, are significant deterrents. Efforts to expand public charging include Tesla opening its Supercharger network to non-Tesla EVs and a joint venture among automakers to create 30,000 chargers by 2030. Despite growing interest, high EV prices and declining residual values remain concerns for consumers.
Optimizing Fleet Performance and Safety with Strategic Upfitting
Vehicle upfitting serves a crucial role in enhancing fleet operations across diverse commercial and vocational industries. Upfitting involves customizing vehicles with standardized features, safety enhancements like backup cameras and collision avoidance systems, and industry-specific solutions such as shelving for HVAC tools and LED lighting for nighttime visibility.
Lower Inventory Due to Strong Used Vehicle Sales
In early June, used-vehicle inventory levels in the U.S. were slightly lower than in May, with 2.26 million units available, compared to 2.27 million units at the start of May. This is a 3% increase from the previous year. Sales picked up in May after a slow April, influenced by an unremarkable tax refund season. New and used vehicle sales both saw increases in May, but while new-vehicle inventories grew, used-vehicle inventories shrank.